Let’s take a look at what was my favorite short, the real estate fund IYR. At least, it was my favorite until recently. I still have a large position on this (June $112 puts) and the analog is holding nicely.

Here is a closer look at recent activity. I’m somewhat irked that it climbed on Thursday and Friday. But considering how explosive a rally we’ve had (literally about four thousand points on the Dow in the span of a couple of weeks), I suppose I shouldn’t be surprised.

Incidentally, there are other ETFs out there with very similar patterns (since they are also based on homebuilding/real estate), such as XHB.